U.S. Pension and U.S. Social Security Deposits

aznyron wrote:if you have money the best way to go IMO is write a check to your self deposit it your Thai bank account
for about 1500 to 2000 USD and draw out a months worth of funds then the rest is simple every month write a check you get the best rates available pay a small check writing fee end of all the B/S this is the way I am going when my truck is paid off that is if I am still in Thailand & alive

Ron ,the fee is only $10 for doing the check,but it takes 5-6 weeks to get into your account,during which time the exchange rate can change dramatically!
As much as you worry about the rate,it might be a little stressful waiting to see what rate you willreceive on the day they post it to your account here!
They charge your account within a few days,I don't know why it tales the extra time to be posted in our account here!
I was taking money out through the GSM ATM machines most everyday last month,paying $5 each transaction,but the baht has dropped,so although I have avoided the 150 fee by using GSM,I am paying over 300 baht difference as the rate is dropping,33.43 today!

I guess I could look at it a different way and say,I have saved over 8,000 baht by drawing money out ahead of the drops in rates

depends on your particular situation

that's for sure, especially different countries, thought banking in states was expensive, normally, until hearing some of the brit charges they have to incur.

luckily my usa account has no charges, and so far GSB has no atm charges, so lucking out for a while. but it means multiple monthly visits to atm, as only allowed 16500, 500 usd limit from my bank on daily withdrawal. would rather do 2500 usd cash advance, but don't care for queue up at bank, or any charges, plus it always get denied, i have to call the states, unblock card, then it's instantly approved, again, charges and phone call. so i simply stop at atm a few times a month, passing by anyway, so no big deal.

i would really hate paying to access my own money from banks on both ends, when they use it to make a profit and give my sh*t interest for my efforts. F ' em.

Stan I have taken in to account exchange rates may go down nothing we can do about that in Kasikorn bank it takes 20 to 30 days to clear at a 300 baht charge I do not see a problem since in a cash advance I pay 1% of the amount and still subject to rate exchanges plus additional fees and as for ATM that is ridicules way to go IMO I have never found it profitable to cash advance also on another note I am limited to 1500 USD which is extended only in my case from my C/U were every one else limit is 1K with check writing I can write any amount as long as the funds are in the account IMO that the way to go and that will be the way I do it after my truck is paid off every morning it a crap shoot when I look at the exchange rate from USD to Thai Baht
so it still a crap shoot with check writing except I will get the best rate on that day it clears

Jimbo, unfortunately 3 of the monthly checks come from the US Govt.

The account restriction is not a requirement of the US Govt. My account in the US has a debit card and is a joint account.

I believe this is a relatively recent account restriction by Bangkok Bank as I don't recall it existing 7 years ago when I first investigated having a pension sent here. I suspect they instituted it to limit the fradulent receipt of money by the widows of deceased pensioners.

In the US the death certification process is well codified and rapid, and the US Govt can use the court system, if necessary, to recover any losses.

Death reports of US Citizens in Thailand may be delayed, and in the past, prior to Bangkok Bank's new policy, there were instances of widows receiving deceased husband's pensions for many months and in a few cases for years after the husband died.

Yes UdonEx, I agree if you have 3 checks from the government it's probably better to go the way you are going. That "No ATM"regulation of course only applies to Bangkok Bank. I don't know if this is the case in other countries or not. I know there are some countries like Vietnam and Cambodia where they won't even mail you your check, you have to appear personally at the embassy every month. According to Bangkok Bank, this is a US government requirement. I've always been curious as the why BKK Bank is the only bank in Thailand that the US Treasury will direct deposit money to. Thailand is NOT on the list of countries that are approved for direct deposit. Perhaps the "No ATM" policy is part of a deal they cut.

I gave to say I ran into problems in sitting up the account but now it's a peice of cake at Bangkok Bank. I get an EMS notice when the money arrives credited to the account within hours so no complaints.

I still maintain a backup account in the states with one retirement going there. I haven't checked the rate of exchange. Wouldn't change it for a few satang anyway.

"To the best of my knowledge, no other Thai bank has an office in the US......SCB used to, but not anymore."

Thai Farmer Bank had a branch in LA a few years back but not sure now.

JimboPSM wrote:

jetdoc wrote:..... Thai Farmer Bank had a branch in LA a few years back but not sure now.

Kasikorn Bank (formerly Thai Farmers Bank) currently list following details for an overseas branch in LA:

350 South Grand Avenue,
Suite 3050,
Los Angeles,
CA. 90071, U.S.A.

E-mail: KASIKORNBANKLA@aol.com

Tel.(1)(213) 680-9331-7

From Kasikorn webpage: http://www.kasikornbank.com/portal/site ... f8f30aRCRD

Don't know if things changed, but prior to moving here (3 yrs ago) I checked into Thai Farmers bank it only served as a commercial bank. The only service available to the general public then were outgoing wire transfers to Thailand.